EUR/CAD is heading south with almost no major breaks since beginning of June. H4 chart shows that descending channel is well-respected during this period. Currently there is a rebound from the upper edge and local resistance. From this perspective it seems that there are no obstacles for further declines.

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However, looking at a higher daily interval, such an obstacle is noticeable. This is the line connecting previous lows. Currently price oscillates around it, but we don’t observe a stronger bullish response. Judging from a rather irregular broader trend, it seems that current strength of the bears has a chance to sustain. It seems that a more likely scenario is to break the bull market, which may trigger a strong sellers reaction. In long run, I would bet on declines.

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